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India plans to build 2 new crude oil storages

The Indian government will build two underground crude oil storages in Odisha and Rajasthan.

“For strengthening our energy sector, Government has decided to set up Strategic Crude Oil Reserves,” Finance Minister Arun Jaitley said during his Budget for 2017-18.

“In the first phase, three such Reserves facilities have been set up. Now in the second phase, it is proposed to set up caverns at two more locations, namely, Chandikhole in Odisha and Bikaner in Rajasthan. This will take our strategic reserve capacity to 15.33 million tons,” the minister added.

“With this, India will move to the high energy table of the world,” Oil Minister Dharmendra Pradhan told PTI here. “We have a lot of learning from the first phase construction. We plan to do the second phase in 3-4 years.”